by Clive Maund
Gold Seek
While the long-term outlook for gold could hardly be better, the short to medium-term outlook deteriorated substantially last week, with an important chart reversal on Thursday that was not negated by Friday’s bounceback, latest COTs coming in very bearish with record readings, and the $5,000 an ounce gold crowd hawking their wares more aggressively than ever – it’s not they are necessarily wrong, it’s just that they are naturally most vocal at tops, when they can suck in the most hopefuls.
As you may know, we have not been raving bullish on gold in recent months, largely because of the offputting COT structure, and this was not an unreasonable stance given that gold has only risen by about $20 from its early March highs as we can see on its latest 6-month chart below.